Net Profit of CBI Increases by 14% in First Half of 2024
Commercial Bank International (CBI) has released its financial results for the first half of 2024, showing a strong performance with a pre-tax net profit increase of 14 percent year-on-year (YoY) from Dh78.9 million to Dh89.9 million. This growth was attributed to the bank’s strategic initiatives, such as a customer-centric approach and prudent risk management.
One of the key highlights of CBI’s financial report was the significant 24.6 percent YoY increase in customer deposits, rising from Dh11.4 billion to Dh14.2 billion. This uptick reflects the success of CBI’s efforts in expanding its customer base and improving deposit products. Additionally, the bank’s loans and advances also saw a steady increase of 1.9 percent from Dh12.3 billion to Dh12.5 billion YoY.
Ali Sultan Rakkad Al Amri, the CEO of Commercial Bank International, expressed satisfaction with the bank’s performance in the first half of the year. He highlighted the successful execution of their strategies and the ability to meet the growing needs of the bank’s expanding client base. Looking ahead, Al Amri outlined the bank’s plans to enhance the customer experience through the development of new products and services, process streamlining, and the integration of technology to provide a seamless and convenient banking experience.
Al Amri emphasized that CBI’s strategy is closely aligned with their commitment to supporting the UAE’s economic prosperity. He expressed confidence that by building on the positive momentum of the first half of the year, CBI will continue to deliver sustainable value for its customers, investors, and the communities it serves in the second half of the year.
As the UAE’s economy continues to evolve and grow, banks like Commercial Bank International play a vital role in driving financial stability and growth. The positive financial results announced by CBI reflect the bank’s commitment to meeting the evolving needs of its customers and contributing to the overall economic prosperity of the country.
The banking sector in the UAE is a key player in the country’s economic landscape, providing essential financial services to individuals, businesses, and investors. As one of the leading banks in the region, Commercial Bank International’s strong financial performance in the first half of 2024 is a testament to its strategic focus on customer satisfaction and risk management.
With the UAE’s economy poised for further growth and development, banks like CBI are well-positioned to navigate the evolving landscape and drive sustainable value for their stakeholders. The bank’s commitment to enhancing the customer experience and supporting economic prosperity underscores its role as a key player in the UAE’s financial sector.
In conclusion, Commercial Bank International’s strong financial results for the first half of 2024 demonstrate the bank’s resilience and strategic focus on meeting the needs of its customers and contributing to the UAE’s economic growth. As the bank looks ahead to the second half of the year, its commitment to innovation, customer service, and financial stability positions it well for continued success in the dynamic financial landscape of the UAE.
